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Orecap to acquire control of Ontario's largest copper resource, Thierry Copper Mine

Oct 4, 2023

Orecap Invest Corp. has announced an agreement to acquire a controlling interest in a private company that owns the Thierry Copper Mine ("Thierry"), located in Pickle Lake. This acquisition aligns with Orecap's strategy of seizing opportunities from special situations and nurturing high-potential brownfield projects with excellent infrastructure and jurisdictions.

Thierry Copper Mine: A Noteworthy Copper Resource

Thierry stands out as Ontario's largest primary copper resource and features a recent Preliminary Economic Assessment (PEA) that covers only the underground portion of the known resources. Orecap perceives Thierry's primary upside to be the expansion of its bulk tonnage potential, supported by recent drill holes from September 20, 2023:

  • CCM-23-51 intersected 106 meters of 0.539% Copper Equivalent ("CuEq") mineralization, including 23.2 meters of 0.875% CuEq mineralization, within continuous sulphide mineralization starting at surface and extending 247.8 meters down the hole, grading 0.438% CuEq.
  • CCM-23-52 intersected 31.2 meters of 0.677% CuEq mineralization and 22.8 meters of 0.670% CuEq mineralization within continuous sulphide mineralization starting at surface and continuing for 243.9 meters down the hole, grading at 0.382% CuEq.

Note: Copper Equivalent (CuEq) for drill intersections is calculated based on US$ 3.75/lb Cu, US$ 9.25/lb Ni, US$ 1,190/oz Pd, and US$ 910/oz Pt with 100% metallurgical recoveries for all metals. Assays have not been capped. The formula used for the calculation is: CuEq = Cu % + (Ni grade X Ni Price)/(Cu Price) + ((Pd grade) X (Pd price / 31)) / (Cu price X 22) + ((Pt grade) X (Pt price/31)) / (Cu price X 22).

Strategic Location and Development Opportunity

Thierry is situated in the established mining camp of Pickle Lake, Ontario, providing access to essential infrastructure like rail, highways, and power, which are pivotal for mine development. This acquisition presents a unique opportunity to develop an asset of this scale with such comprehensive infrastructure in a prime mining jurisdiction. Eastern Canada is notably lacking in high-quality primary copper projects. With Orecap now controlling the second-largest primary copper project in the region, the Ore Group collectively controls two of the five largest primary copper projects in Eastern Canada.

Tags: Northern Ontario / Deals & Financial / Copper / All Articles